AVMs

AVMs (Automated Valuation Model) are statistically-based computer programs that use real estate information such as comparable sales, property characteristics, tax assessments and price trends to provide an estimate of value for a specific property.

The strengths of AVMs compared to traditional real estate appraisals are speed, reduced costs, consistency and objectivity. AVMs can significantly reduce the time it takes to obtain an estimate of value and reduce the costs associated with the traditional property appraisal process.